PNC to Use RippleNet for International Transactions


PNC to use RippleNet for international transactions in order to speed up foreign transactions that are held by the US commercial clients. Is this a step towards wider adoption of Ripple’s xCurrent?

20 September, AtoZ Markets One of the top ten US banks, PNC, is supposedly planning to use RippleNet in order to process international payments for its customers, according to the official announcement from Ripple. 

PNC to Use RippleNet for International Transactions

According to a number of online reports, Treasury Management, a particular PNC unit, will utilize Ripple’s Blockchain solution xCurrent in a bid to speed up foreign transactions that are held by the US commercial clients.

Ripple highlights that xCurrent will enable PNC business clients to receive payments for their invoices instantly, thus changing their approach to managing both accounts and their working capital. Asheesh Birla, Senior vice president for product management of Ripple, believes that the usage of xCurrent in the banking sector is the first step towards the acceptance of other Ripple products, including the xRapid solution that is about to be established in the near future. He has been quoted as saying:

 “It’s a way [for the banks] to get their toe into the water.”

The news emerges in spite of the fact that some Ripple employees were hesitant about using xCurrent in cross-border payments. Earlier this June, Ripple’s Chief Cryptographer David Schwartz stated that banks were unlikely to deploy this technology due to issues of low scalability and some privacy problems. 

PNC joined other global financial institutions, which previously have collaborated with Ripple. For example, back in 2017, American Express made an announcement that it was creating a Ripple-driven app for B2B payments between US corporate customers and Santander UK customers.

Later in March 2018, a Japanese bank consortium announced its intentions to release an instant local payments mobile app entitles “MoneyTap,” which is based on Ripple. One month forward, the Spanish bank Santander established Ripple-fueled Blockchain payment network One Pay FX.

Ripple Short-term Technical Forecast

The XRPUSD pair is trading near the $0.325 level with the total volume of over $185.79 Million. Also, a significant surge in market cap was seen due to XRapid Product launch news. In the last 1 Week, the price has moved by $ 0.05420 (19.98%) with the highest price, $0.3364, was on Tuesday and the lowest price, $0.2667, was two days ago. According to the technical indicators, the ATR(14) placed at the weekly and daily timeframe indicates the XRPUSD pair is less volatile. Also, the RSI(14) valued above the 50% indicates the bullish signal in the daily timeframe. Yesterday, the pair completed the “Three Outside Up” candlestick pattern in the 1D timeframe which indicates the bullish momentum to continue. 

In my opinion, once the price breaks the crucial $0.35 level than it is more likely the price to reach $0.38-$0.40 level in coming days.

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